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4
THJK ABO US. TUESDAY, AUGUST 18, 1891.
The dhicigo Wheat Market
"Rushes" and "Slumps."
WAS TIP AM) l)0WJ.f.000n,oP V,aB th6yUia
- - . -, . " iliotvi 109V.
The Earth Laugh with Harvest. .
ST. PAT7L, Aug. 18. Harvesting is well
under way all over the northwest, and the
promise of a big crop is becoming more
and more assured. Instead of averaging
fifteen to twenty bushels per acre, wheat
U turning out from twenty-five to thirty
bnsliels. Other grains are clone to wheat,
oat especially taming out well. There is
grett trouble being experienced for labor
to care for the immense crop, and the rail
roar s are hard at work preparing to
ban' lie the grain.
A RAPID TUMBLE OF TWELVE CENTS
'Following a Boom to Si. 15 Million fn
Money I'p for Margin and Many For
tune Staked on the Price or Wheat A
Bright Outlook for the Husbandman
Figured hy an Agricultural Journal
The Trouble with the Russian Rye
A . Orop Condition or the Home and For
! : igu Markets.
, 1 ' ' ' 1 ' '
Chicago, Aug. IS. Within three-quarters
of an hour after the board of trade
opened for business yesterday December
wheat boomed to (1. 15, and the excite
ment of Saturday, when the cereal touched
$1.08, was repeated with even greater en
ergy. As on Saturday, there were no fail
ures reported, but the losings were very
heavy in many cases. December opened
t f l.Mf. J"he advance was pretty steady
.until 1.15 wag reached, but a reaction set,
' In, and it rapidly sold dowu to S1.0&
. JThen it advanced again to f l.Oti, and stayed
there. It was said that not a man on the
board had made a cent, and that many
now have their entire fortunes at stake,
so that the Utext few days' developments
are looked for with feverish interest.
A Remarkably- Erratic Market.
There wert no less than s'xty-t wo fluctu
ations in the price of wheat during the
day, a condition that has never before pre-
"'rraJlea, not even during the smashing of
the most notorious corners. A "rush" (as
the upward turn is called) of fi cents and
a "slump" (as the dowu grade is termed)
of U cents in one day is something here
tofore unheard of. One of the most re
markable conditions in connection with
the tremendous fluctuations is that there
has not been a breath of suspicion in re
gard to the financial solidity of any house
operating ou the board. This is in part
explained by the fact that enormous
wealth is deposited In the leading banks
In the shape of margins.
lmmene Sums In Margin.
Mr. Chattell, of the Illinois Trust and
Savings bank, stated that his institution
alone holds about fl, 500,000 in margins.
The Corn Exchange bank is known to
hold even a larger amount, and the Union,
Northwestern, Continental, and First Na
tional banks are said to be heavy holders
of margins. A rather conservative oper
ator places the amount of margins held hy
the various banks at not less than flU.tMi,
000. This iuimense sum is nearly three
times the amount of margins usually put
up. At, the usual rate of margins, from 5
to 10 cents, this would mean the almost
incredible quantity of 135.000,000 bushels
involved in the various peniHng deals, but
in times like the present higher margins
are asked. Thus, for instance, yesterday
margins of 2u and even 25 cents were re
quired in several cases.
A t.reat Volume of BuKinr.
Still, the volume of business done yes
terday was enormous, as is indicated by
information sained in the board of trade
clearing house. The clearings amounted
to nearly t l.oOO.OoO and the cash balances
to nearly $400,000. which indicates an un
precedented volume of business. The gist
of observation made by several of tne
more prominent brokers concerning the
big "slump" from 11.15 to fl.03 within an
hour is that the foreign holders of wheat
began selling when the 11.10 mark was
struck. They could make more money by
selling at such rate than by holdiug ou to
the. stuff aud carrying it along for con
sumption. Corn and Other (iratn.
The excitement was not confined to the
wheat pit. It quickly spread to corn and
rye. Corn was as much excited as wheat
without anything to especially affect it.
The fluctuation reflected the wild spirit of
speculation which has attucked the board
with hands down. August corn jumped
from w;; to 71 cents within the first half
hour of the trade and then dropped back
xq ou cents. .-epiemiier corn also took, a
jump and landed on the (V cent notch nnd
then took a tumble aud fell to (m4'c. Rye
fluttered about uutil it was diflieult to
keep track of it. It was up aud down be
' tween f 1.00 aud $1.10 throughout the ses
sion. This simply tjnds to thow the
diameter oi tne market.
New York Market llxctteil.
New Yor.K, Aue. is. The wheat mar
ket continued in au excited condition yes
terday and the dealer oa the New York
Produce exchange are keeping a close
watch upon the situation lu Chicago.
Visitors to the pullers- t.f the Produce ex
change in the morning looked down on an
anxious crowd liefore the gong sounded
for the opening of the market. Keports
from Chicago" London, Liverpool, and
Paris indicated an excited feeling and ad
vances over Saturday's prices, and the
younger brokers were predicting that the
exchange would make a record. But vith
iu five minutes after the opening the ex
citement begau to decrease and prices be
gan to fall littie by little. By 11:10 o'clock
the following change were noteiT: De
camber, cl.HV .', fi.ic, tl.i:.,. ?1.15, .14u,
U4; Septemlier. 1.14, ?:.:'. '. Jl.TJ. 1.13;
Way, $1.10, $1.1; ;: January $1.13.'4', $l.ir.
September cofii opened at 7M,!.j'c. There
was no talk about rye, and little interest
was taken in corn. Kvery broker in the
exchange was about the wheat pit.
St. Luulu JJeu in a Bud Way.
ST. Lorih, Aug. K WtwutTieSt. Louis
grain market closed Saturday bankruptcy
stared over half of the brokers aud wheat
traders in the face, aud it was a gloomy
looking crowd that left the halls of the
exchange A meeting Was called aud it
was decided to make selling price for De
cember tl.OO, and that no trading should
be done yesterday or today except to close
trades.
The Market at Baltimore.
Baltimore, Aug. lb. The excitement
on 'change yesterduy showed no abate
ment. December wheat opened at
91.14, advanced to $1.18 and fell again to
fl. 15JfJ, where it remained at 1 p. m. Au
gust and September wheat was steady.
There were few bidders, and holders of
wheat are not disposed to sell.
WILL BE THE GRANGERS' YEAR.
An Optimistic View of the Hituatioa Tha
Market in Europe.
New York, Aug. .8. The American
Agriculturist is decidedly sanguine as to
the prospect this year for the granger. It
estimates the corn crop this year at 2,000,
000,000 bushels, which, it says, will sell at
50 cents per bushel; wheat. 500,000,000
bushels at $1, and oats 622.000,000 bushels
at 40 cents. On this basis it figures that
tit fartjljrs of the country will receive for
The Shortage In Russian Rye.
Si. Petersburg, Aug. 18 The minis
try of finance announces that the Russian
yield of rye is estimated at 711,000,000 of
pouids, but owing to present supplies be
ing nearly exhausted 994.000,000 are re
quired for the use of the people, and for
sow ng the future harvest. The deficit
must be supplied with potatoes and
mai e.
Italy in Great Lurk.
Rove, Aug. 18. The Italian harvest re
ports indicate that this year's crops will
equtd those of 1SH0. Recent rains have
greatly improved the Indian corn crop
prospects; this crop promises to be good.
An abundant-yield of wine from the grape
crop is also expected.
On the European Kxrhange.
Vjekna, Aug. 18. The market was firm
yesterday. Autumn rye advanced 50
krer.tzers. and wheat 70.
Bl da-PeSTH, Aug. IS. Corn was active
yesterday. Yheat advanced 50 kreuzers.
Amsterdr.m, Aug. IS. The grain mar
ket was greatly agitated yesterday, No
vember wheat advanced 10, and rye de
cliut d 4 guilders.
Antwerp, Aug. IS. -r 'Wheat rose yester
day 3 francs the 100 kilos, and rye for for
ward delivery was quoted 28 francs. The
market was much excited.
WILL OF THE LATE EDITOR JONES.
What the Eminent JunrnalUt Did with
Hi Property.
Xi:w York, Aug. 18. The will of George
Jont s, of the New York Times, was filed
for i robate yesterday. It is a long docu
ment. It was executed June 19 last and
names his son. Gilbert E. Jones, son-in-law
Henry L. Dyer, and Augustin Smith
executors. There are no charitable be
quests. The widow, Sarah M. Jones, is to
have the house 30 West Thirty-seventh
stret t for life and annuity of $15,000. The
residue of the estate, including the de
cede nt's forty-six shares of The Times
stock, is to be held in trust pending the
life f Mrs. Jones, and the income is to be
equally divided between decedent's four
chiltren, Gilbert E. Jones, Mrs. -MBy
Dyer, Mrs. Emma Ireland and Mrs. Eliza
beth Lowell. On the death of Mrs. Jones,
the widow, the estate, except The Times
stock, is to be converted into money and
dlTii ed into four parts.
DUpokition of The Time Stork.
. Gi-lert and Mary each are to get one-,
four h, and eleven shares of Times stock
abso utely. One-fourth of the money and
elevt u shares of the stock are to be held in
trust for each of the other two daughters
George Jones Jr., and George Jones Dyer,
grandsons, each get a share of Times
stock on reaching their 25th year. On the
deata of Emma her share in t he trust es
tate goes to Gilbert and Mary, or their is
sue in equal shares, but they are to pay
Emria's daughter Josephine G. 'Wing or
other issue C100.000. Elizabeth's interest
in tie trust is also disposed of in the same
way. The son Gilbert and son-in-law
Dyer are given full power to vote at elec
tions of The Times association upon all
stock held in trust by the executors.
An Indorsement of Ir. Hriggs.
PlTTSBVKO, Aug. 18. A special to The
Times from Rochester, Pa., says: The
congregation of Rev. J. H, Bausman met
last night, and by a vote of 87 to 12 re
fused to accept his resignation. The res
ignation was tendered by Mr. Bausman,
who is traveling in Europe, at the request
of Uie board of elders, who object
ed tt declarations of Mr. Bausman favora
ble to the stand taken by Professor
Brigjs, of New York. The congregation
lu indorsing Dr. Bausman practically up-'
hold Professor Bricks.
Strvrnmiu I Too fcetiHittve.
V.'.XCEBlHfi. Ky., Aug. is Engineer
Hughes, of the Kanawha and Frankfort
nUlroad, has just paid $0 01 costs aud fine
on -a warrant sworn out by William Stev
ensoi. Hughes saw bteveuson iying
acro-s the truck ahead of his train. With
an e:Tort the engine was stopied within a
few feet of Stevenson. He appeared drunk,
llugiies pulled him off aud kicked him
two or three times. Steveusou was in a
fit. He hail Hughes arrested and fined,
though he had saved his life.
Note iroui Cape May.
CME Mat, Aug. IS. Secretary of the
Treasury Foster arrived yesterday morn
ing on a visit to the president The
president has appointed WiliiRm O.
Tho nas, of Tennessee, consul at Bahia,
Braiil. In the case of Mary Eleu, Wash
ington, D. C, convicted of defrauding the
luited States government in a pension
clait 1, the president will for the present
take no act iou. riichard Cot Is Shannon,
minister to Central America, had a long
coulereuce with the president yesterday.
Tiieo. ltoonevelt's lirotlier Insane.
Xiw YoiiK, Aug. IS Justice O'Brien,
of the supreme court, has appointed a
committee to inquire into the sanity of
EUic tt Roosevelt, brother of Theodore
Rooevelt, United States civil service
commissioner. The petition is made by
Theodore Roosevelt, with the cousent of
the wife, who says that his brother's in
tellect has been failing for the past two
year'. Drink is said to have impaired
Mr. Roosevelt's reason.
Printer Vote on the Nine-Hour lay.
Indianapolis, Aug. 18 W. B. Pres
cott, president, and W. S. MeClevey, sec
retary of the International Typographical
union, yesterday finished the count of the
vote on the proposition to limit the work
ing day to nine hours. The union has a
men bership of 29,813, and 12,8Wj votes
wert cast 9.340 for and 8,350 against the
proposition. This lacks 332 of the re
quired two thirds majority.
Foul Play on the Kail.
Camden, S. C, Aug. 18. An unknown
colored man was run over and literally
toru to pieces yesterday by a passenger
train on the South Carolina railroad be
twet a Dixie and Clarempnt stations. The
man was lying upon the track, and as the
whif tle blew Ue raised his head and fell
back. I'rotii i!d wounds discovered on
port hum vi '.oily ft is evident that he
uMi ii.it; 'jvA.y and' been placed on
thetr,.ci.
DIGGING FOR TIN.
Some Facts About the New
Mining Industry.
THE PE0SPECTS AT HARNEY PEAK.
A Member of the Company Who Think
the Enterprie Will Pay How the
Business Is Carried on The Richest
Ore In the World Found Capacity or
the Plant That Will He Put 1 1 to Work
the Black Hills Deposit Yield of Oxide
to the Ton of Bock.
Chicago, Aug. 18. Henry C. Wicker,
of the Harney Peak Tin Mining and Mill
ing company, of Hill City, S. D., dropped
in at the Wellington hotel yesterday on
his way to visit his birthplace in the
Green Mountain state. He was for sev
eral years connected with the Northwest
ern railroad, but Is now devoting his time
to developing tin mines in Hill City. "My
company owns about 1,000 claims on a
long range of land in the shape of a horse
shoe that stretches around Hamev peak.
This horseshoe tract is from twenty-five
to thirty miles long and from two to four
miles wide," said Mr. Wicker. "We have
already sunk a shaft 300 feet deep, but we
.will go 1,000 feet any way.
Hard anil Costly Work.
"We have already purchased machinery
sufficient to have a plant running by next
February that will crush 250 tons of tin
r.ick a day. Tin mining is carried on in
just the same manner as gold and silver
mining we sink shafts to a certain depth,
run out levels, and do stoping, the same
as in other mining. There is just as much
hard work and the same expense in tin as
in gold or silver mining."
"Is it yet established beyond doubt that
the mining of tin in the Black hills can be
made to pay"
"Well, it is matter of experiment in
some respects so far. I am confident,
however, that we can find enough tin
right in the Black hills to supply the en
tire trade in the United States.
Look Like Paying Investment.
"The tin ore is found in a species of
granite. It appears in the form of a
black oxide of tin and is seen in small
crystals, about the size of a grain of
wheat generally. Now the tin rock up
there yields from 2 to 5 per cent, of black
oxide of tin. That means a yield of from
forty to 100 pounds of oxide of tiu to a ton
of roclj. This black oxide of tin contains
74 per cent, of metallic tin. When our
250-ton mill gets in operation we can. on a
calculation that the rock will contain 2
percent, of black cxuW of tin, turnout
three and three-quarters "tons of metallic
tin a day on an average. This will sell at
$-00. So, you see, it looks now like a
paying investment.
Two Tiling That Are Settled.
"There are two things now definitely
settled: The richest tin-bearing rink in
the orld is found abound Harney Peak;
second, the tiu is of superior quality. The
assays show that some of the black oxide
of tin, when melted, yields per cent,
of pure metal, But with ai these bright
prospects before us, the question we are
yet trying to solve is, 'Can tin be found in
commercial quantities in the Biack Hillsr'
We have not yet gone down deep enough
to tell whet her we are going to find the
tin in quantities large enough to pay a
good dividend on the investment in the
plant. But I am confident we will find
pleuty of tin. And the tin we have found
is the finest in the world.
The World's Product of Tin.
"The straits of Malacca is the place
where the largest amount of tin is now
produced in the world. But that is placer
tin, the mines being worked in the same
manner as placer gold mines. It is infe
rior to the Black Hilis tin. There were
60,000 tons of metallic tin produced in the
whole world last year, and the United
States imported half of that product,
either in pig or in tin plates. The plates,
however, contain only 2 to 3 per ctnt. of
pure tin. We have machinery which,
when put in, can easily double our capac
ity of 25o tous, aud by spring we expect to
be getting out 500 tons of tiu rock a day."
THE MONEY IN THE TREASURY.
Secretary Poster hays There la Plenty
ArHilahle for KiuergencieN.
I'HiLAi'irLl'iilA, Aug. IS. Secretary
Fosterwat here for a short time last nignt
en route to Cape May Point. Referring
to the newspaper talk of a dearth of
money in the treasury, he said: "Yes. I
know there is au impression abroad that
the government is almost without imme
diate resources in the way of actual
niouey on hand, but this impression is
wrong. There is, including the $100,0ti:,
000 of gold reserve, more than $2' io. 000,000
which is available in case of auy emer
gency. Without the gold reserve there is
nearly $107,000,000 which could readily "oe
made available. Of this about $"i3.0cM,0J0
is charged off as liabilities which are in
fact merely technical liabilities.
Punils That ( an Be I'oeil.
"In these liabilities here is, for instance,
the bauk redemption fund, made up of 5
per cent, of the bauk circulation, depos
ited to redeem mutilated curruuey. Then
there is also in this sum about j.Ooo.oOC
in the treasury which is placed to the
credit of the disbursing officers' accounts,
which couid be used in case of au emer
gency. Theu there is also continuously
outstanding checks aggregating $7.ooo,Uib
and the money which is now held for
them could lie made available. Then we
also have $5,000 000 postoflice money, and
this could be used in case of an emer
gency. A Balance o.l 53. OOO.OOO.
"Of course this $54,000,000 made up of
these items varies from time to time, but
there is practically about where the figure
stands all the time, according to tables
compiled from the records of the depart
ment for t he past four years Now, after
these technical liabilities which this $54,
000,000 represents is charged off there is a
balance of $58,000,000, against which there
is no liability, making up $107,003,000 lu
addition to the gold reserve of $100,000,000."
Gompers 6end Out an Invite.
New York, Aug. 18. Samuel Gompers,
president of the American Federation of
Labor, recently sent a letter to the dele
gates to the international labor congress
which assembled at Brussels, Belgium,
Sunday, inviting them to bold an interna
tional labor congress in Chicago during
the World's exposition in the latter city.
Ha a Benson for Absence.
BosTOK, Aug. 18. Frederick D. Phillips,
cashier for George W. Simons & Co.,
clothing dealers, who has been missing
for three weeks, is saidto be $8,000 short
in his accounts with that firm. The firm
refuses to make any statement. -
Why does this man stare so P He
is simply listening to the marvelous
cures effected by Dr. Pierce's Gold
en Medical Discovery.
The following case illustrates :
February 14th, 1890.
World's Dippbnsart Mxdical Associa
tion. Buffalo, i. Y.:
Gentlemen A remarkable case has occurred
in our territory. J. N. Berry, a man about
thirty Tears of age, was going down rapidly.
He tried physician after physician, patent
medicines, home receipts in fact, everything.
He went to a noted sanitarium and returned
bo better. We all thought he was dying with
consumption, and only a few weeks of .life
were left for him.
Re commenced "Golden Medical Discov
ery," and at the same time commenced to
mend. He has used about two dozen bottles,
and Is still using tt. He has gained in weight,
color and strength, and is able to do light
work. It is just such a case as we should
have listened to rather suspiciously, but when
we see it we must believe It.
It has trebled our sales of " Golden Medical
Discovery."
JOHN HACKETT SON.
Druggists, Roanoke, Ind.
In all bronchial, throat and lung
affections, lingering coughs, spitting
of blood, weak lungs and kindred
ailments, the "Discovery" effects
the most marvelous cures.
$ 1 OOcAnd Upwards
CAN BI IBVSSTZD IK
A POSITIVE AND SAFE
I 5 per Cent
Dividend Paying Stock.
Fall parMcnlart and
Protpectoe can be bad
on application or addreteine
S. L. SIMPSON. Banker.
64 Broadwav, N- Y.
-NEW MUSIC HOUSE-
No. 1804 Second Avenue.
Housel, Woodyatt & Co.
o
S3
so
a
h
GO
t
GO
O
GO
0,
0'
- to
z
et
This firm have the exclusive sale for til
following celebrated
s county ofti
Fieirjos ard Oro;ars
TT7TSTTir v-vni-rvns-a
COTTJ-vr vn natrn o o. lAAi.
And the ESTEY, WESTERN COTTAGE and pV
RAND & VOTEY ORGANS
SA fall line alfo of small Musical mi rchandice.-
J. T. O'CONNOR, Proprietor.
No. 117 Eighteenth s
Thie new Sample Room it now open for buBireee. Tbe bett of Witt", Lj-ai
Imported Cigars always on hand.
Summer Goods
AERIVraQ NOW.
Ws ar petuafU nost eomplet Una of Hanlwir Sparta) tias ti
Islaad beside oar rea-mlar s'ock of staple sa4 baOttiC Hi
and Mechanic' tools.
Pocket, Table Kitchen Cutlery,
Nails, Stzxl Goods, Tlnwarx, Stoves, Eto.
VBCIAXTUIS aisuxOooksamd Ranfe. "Florlds" and WUbw Bo Wata Baakaa
ada Staaai Bollara, Paste or Gam Proof Filters, Soonoaay far sis, Tas
at as IroB vara, Plambtog, Coppersmltblnt and Steaaa Titraaf .
BAKER & HOUSMAN,
1623 Second aveane, Rock Islai.'ci.
Dad botwbt f FY
ACM E BLACKIS'O A M
COPTKICTtl
and I'll ham a au; now.
Wolff'sACMEBIacking
13 A CREAT LABOR SAVER.
A SHINE LASTS A WEEK.
RAIN AND SNOW DON'T AFFECT IT.
NO BRUSHINC REQUIRED.
MAKES A SHOE WATERPROOF.
USiiD BY MEN. WOMEN aro CHILD REM.
Cp b wmhfd l-k Oil Cloth.
ABK IB ALL f TORES FOR
2IK-t30N
Will Stain Old a New ruiNinisr f and
Will staim cia and Chinawamc I Tarnish
Wu Stain Tinware at th
wilx Stain town Old Baret I ttartte
Will Stain Bav'b Coach timt.
WOLFF ai RANDOLPH. Fliilftdslphi...
WOLF & RANDOLPH, Philadelphia
VIGOR OF LIEN
Easily, Quickly, Permanently Rastorad.
H'raaiMi, a'crraanMa, IKeblHty. and all
the train of evil from early error or later hcmwi,
the results of overwork, sickness, worry, etc Full
strength, development, and tuns wren to every
oivan and portion of the body. Simple, natural
method. Immediate raiproTemeot seen. Failure
Impossible. S.Ouu reference. Book. cxpianeUoni
Sfid proof mailed owaied; free. Address
. CRIB MEDICAL CO.. BUFFALO, N. V.
F
OR THE
BEST AND CHEAPEST
paints;
OILS, Etc.
W 'lhe onlv Paint House In thecity .
R. M. WALL,
leil.Thlrd Avenne.
AGENTS' OF EVERY KIND
Inmrance, Fraternal Order, book or otherwise.
Member eel UoO in one year. They pay but $1
a week. Anybody cm make at tbe luwe'i I3i
each week eaily. Everybody wants a certificate,
because for each member they bring iu they set
their (100 a month earlier. Th:s is s good thlcg
aud.dont mistake it. Address
J. L, UNVERZAGT. Secretary
1 Weat Lexington St., Baltimore, Md.
Hip ts acknowle.'iprtl
iii: leaning renie-'.v lot
iienorrhwa A oierl.
The only Aj;ie reme-iy icr
LencnrrtiuBorWtnieg
1 Drescribe itanJ (eei
safe in revi 'mmendins .1
ImssChev'-i to all sufferer..
NCir..- MH A- J- tTtNER. M. D,
i'k in n ILL.
tult tw bminrisiav
Aires UAVS.lJ
mwm atrteicrt.
Iw wr or It
1V4 The
SdaVRaw?
6
at
1W
snrDISEASES
I aJ ntaj ht a a .. .. r
NOW mm BRa .n iirVRrL
BE wUn LUiuuriik.k.
Csvil or wnd for ctfrt.Ur wntKir.u:p
uviisONiuiioaiirNof luiaair,p
hnD I'snrwr r)r9t - ' " c .
Trti. T-ithot SU jef IVwahA-A, u.
tifk im-s ilth.. .
Arnwvwtr--twr K0a EH BOR iUvi-Cfr
.Rock Is:
IRON WOE
All Kl"3 -
Cast Iron I
....
of stov
per JO"-"
A MACHINE
has been ad-.'! L,rt aJ.
NINTH ST.ASD7!
DOWNING BROS-
FOURTH AV-
v 1
I
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HORST V
Push
Fourth M-e- 6;
m i